take the first their owe which might be -- the first scenario which might be let's just say that mitt romney gets the presidency? >> the issue is the fiscal cliff, which is if nothing is done, the economy is going to contract by 4% next year. liz: do you think the market tanks on that, would you short things or at least hedge? >> i would hedge. i wouldn't short things because it seems like this market is on a sugar high and has a life of its own. liz: especially because of the fed and all the propping it's done. >> absolutely. liz: that doesn't go away at least for the short-term. >> no, in fact it's a given i think it will be there for quite a while. the question for investors market is up over the past year, if you recall last october it looked like the world was coming to an end. there was a lot of pessimism. right now it seems like the world looks pretty good. investors are complacent. they are confident. so for us historically when that has been the case, that's when we're wary. liz: even a downgrade of the united states triple a rating back in august, remember that, it was nothing, oka